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CBS meets estimates on earnings, beats on revenue

CNBC with Reuters

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CBS shares fell about 1 percent in Thursday after-hours trading after the company reported earnings in line with Wall Street estimates.

The media company posted adjusted fourth-quarter earnings per share of 92 cents on $3.91 billion in revenue. Analysts had expected CBS to report earnings of about 92 cents a share on $3.80 billion in revenue, according to a consensus estimate from Thomson Reuters.

CBS, owner of the most-watched U.S. TV network, said it saw a 6.2 percent rise in quarterly revenue driven by higher revenue from content licensing and distribution. Adjusted earnings per share for the fourth quarter of 2015 grew 19 percent from 77 cents per share for the comparable year-ago period.

Content licensing and distribution revenue rose more than 16 percent to cross $1 billion in the fourth quarter, accounting for about 28 percent of total revenue in 2015.

CBS headquarters are seen in Manhattan
Mario Tama | Getty Images

The results announcement comes only a week after Sumner Redstone resigned as executive chairman of CBS amid heightened questions about the 92-year-old billionaire's ailing health. CBS said Redstone would be replaced by Leslie Moonves, its president and chief executive since 2006.

CBS said that, before electing Moonves, its board offered the position of non-executive chair to Redstone's daughter, Shari Redstone, but she declined.

Redstone's resignation as executive chairman was effective Feb. 2, CBS said. He will remain as chairman emeritus.

— Reuters and CNBC's Everett Rosenfeld contributed to this report.